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The FSCA stated that no FAIS-specific interventions are earmarked for completion within the next three years in its 3-year regulation plan. But there remain a number of compliance areas advisers and FSPs need to focus on before the end of the year. With help from the experts at Masthead, we’ve put together the most important ones so you know what needs to be done and when to stay compliant in 2026.
Reporting: annual financial statements, Financial Intelligence Centre (FIC) and more
As always, there are a number of reports that need to be completed and submitted. Some of these apply to all FSPs and others to certain categories such as IIA. Check with your compliance officer which returns you need to submit by when to avoid suspensions and penalties.
Annual financial statements
Annual financial statements need to be submitted to the FSCA within four months of your business’s year-end. Get these done in good time. Licence suspensions due to non-submission have dropped significantly in the last few years, but don’t let it drop off your radar and risk suspension. This applies to all FSPs.
FIC Risk and Compliance Return submissions
The FIC Risk and Compliance Return (RCR) for certain accountable institutions was due on either 30 June or 31 July, depending on the sector. CASPs were among the institutions required to submit by 30 June.
Masthead Compliance Manager Shanal Boodiram says the link to submit returns is still open, and she suspects it may remain available for late submissions, although financial penalties may apply.
As at 30 June, “only 36.1% of institutions in the first reporting group had submitted their RCRs”. The FIC has noted that non-compliance cannot be condoned and that enforcement action, including financial penalties, may follow, she adds. The FIC has urged institutions to comply to minimise the risk of financial penalties.
The FSCA has a dedicated anti-money laundering division looking at FSPs’ compliance with the relevant legislation. Check with your compliance officer what FIC reporting is due and make sure it is completed on time.
Assets under management and liquidity calculations
Category II, IIA and III FSPs need to submit their Investments Under Management Declaration to the FSCA. The reporting date is as at 31 August 2026, says Boodiram.
“The FSCA has sent a letter directly to FSPs confirming the submission date. The deadline for submission is 15 September 2026.”
Ryno Volschenk, Masthead Regional Manager, Johannesburg, adds that liquidity calculations also need to be submitted where FSPs receive premiums and/or operate as a Cat II and/or Cat IIA FSP.
You can find more FSP compliance deadlines in the Masthead update.
Important areas of focus
Returns aren’t the only area FSPs need to focus on as levies need to be paid, CPD points planned and representatives’ registers updated.
Representatives’ register
This must be kept updated, with any changes noted and submitted to the FSCA. Keeping your representatives’ register accurate also helps with cash flow planning, as the number of reps and Key Individuals is used to calculate the FSCA levy. The levy is usually based on the average number of Key Individuals and reps over the period 1 September of the preceding levy year to 31 August of the levy year.
CPD points
Avoid the May rush and plan these now. Update attendance registers and compliance will be quick and painless. Find out what your CPD requirements are and complete the relevant courses, readings and accreditations.
Cybersecurity and POPIA
These need to always be on your compliance checklist. Online harm is the number one financial risk consumers face, with 68% of consumers reporting being targeted for fraud, said the FSCA in its Regulatory Actions 2025/26 report.
All FSPs need a cybersecurity policy, staff need to be trained and data protected. Make sure you have this in place, get expert help if you need to and comply with cybersecurity requirements and POPIA at all times.
Updates to be aware of
Market and industry changes continue to move forward, although the focus on fair treatment for clients guides these. Know and follow the TCF requirements and your compliance should fall into place. At the same time, make sure you are on top of industry news and developments or ask your compliance officer to keep you updated on:
COFI
One of the FSCA’s key priorities for the next three years is advancing the COFI Bill transition and supporting the parliamentary process, according to the FSCA 3-year regulation plan released recently.
“The Bill was introduced to the National Assembly in April 2026,” says Boodiram. She says the next steps generally include committee referral and public participation, after which the Bill must be debated and approved by both houses of Parliament (National Assembly and National Council of Provinces). “Once passed it must then be signed by the President. Only after a formal commencement date is announced will COFI become law and start applying. We anticipate this will most likely be in phases.”
FSCA industry pilot on the Integrated Regulatory Solution and Omni-Risk Return
Boodiram says the FSCA has confirmed that it is still in the process of assessing the impact of any amendments to the return on the system. “The FSCA confirmed that the timelines for the pilot have been moved out and that they do not expect any implementation of the Omni-Risk Return in 2026.”
AML
The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill has been formally introduced to Parliament, with written comments open until 10 August 2026, Boodiram advises. “The Bill proposes updates to five pieces of legislation to meet international anti-money laundering and counter-terrorist financing expectations.” These are:
- Financial Intelligence Centre Act, 2001
- Financial Sector Regulation Act, 2017
- Companies Act, 2008
- Nonprofit Organisations Act, 1997
- Close Corporations Act, 1984
According to Boodiram, the proposed amendments are intended to better prepare the country and enhance South Africa’s performance in the current FATF mutual evaluation, which will conclude in October 2027.
Keeping in touch helps you keep on top
Compliance is an ongoing business imperative, but once you are on top of it, your business can run smoothly without any threat of having to suspend activities. Your compliance officer is on hand to help you meet all your requirements and offer advice on what needs to be completed and submitted. Keep in touch with them and you will be on top of compliance matters.